So says Shameel Joosub, Vodacom Group CEO, in a statement today when the JSE-listed company published a trading update for the quarter ended 30 June 2024.
The firm notes that Egypt grew service revenue 43.7% in local currency, with Egypt financial services revenue up 87%. “This is evidenced by the 10% growth in normalised group service revenue to R29 billion in the first quarter – exceeding our medium-term target – as well as the 16.8% increase in normalised group financial services revenue to R3.3 billion.”
“We now process $400 billion in mobile wallet transaction value annually, highlighting the scale of this business. I was particularly pleased with the growth of M-Pesa services that aim to deepen financial inclusion, such as loans, savings, international money transfer and merchant services.” “Across our geographic segments, Egypt remains a star performer having grown service revenue at 43.7% in local currency, well above the rate of inflation. South Africa delivered a resilient 1.8% increase in service revenue, while Tanzania and DRC were the significant contributors to the 5.7% growth in our International business.”Joosub notes that South Africa’s results were boosted by improved prepaid performance and price adjustments that delivered greater value to customers.
With service revenue of R6.4 billion, Egypt now accounts for 21.9% of the group’s total, ending the quarter with 47.4 million customers, up 6.1%.